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Dec 3, 2012
12/12
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we'll pay a less tax now to avoid the obama tax the rich tax next year. that is flat out hypocrisy, in my opinion. >> gretchen: i love stuart varney, emon a monday morning because he wakes me up with his analysis. >> hypocrisy will get you any time of day. >> gretchen: i gather you'll be talk being this on varney and company. it's 9:20 a.m. over an fbn. >> thanks. >> gretchen: i'll look forward to see you. coming up, the new plan to push american students ahead, longer school days. is that a good idea? should we keep our kids in school longer? then he's got one of the most popular shows on tv and one of the coolest jobs ever. the red neck rocket scientist blowing things up here, next hour. oh, my goodness, i think that's what's going to be blowing up. just a guess. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difference that quality t
we'll pay a less tax now to avoid the obama tax the rich tax next year. that is flat out hypocrisy, in my opinion. >> gretchen: i love stuart varney, emon a monday morning because he wakes me up with his analysis. >> hypocrisy will get you any time of day. >> gretchen: i gather you'll be talk being this on varney and company. it's 9:20 a.m. over an fbn. >> thanks. >> gretchen: i'll look forward to see you. coming up, the new plan to push american students ahead,...
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Dec 6, 2012
12/12
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you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too m
you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are...
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directly or through subcontractors including microsoft boeing starbucks tory secret and others by federal tax. rate compensated up to forty percent over what do you think. taxpayers to howards the need to. hear everything. work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars a unit cory's a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five different types of products and services you see the variety listed on their. web site they to partner up with private firms now last year unique course revenue nine hundred million dollars as far as private prisons are concerned two of the country's biggest prison corporations made three point three billion dollars last year alone private prisons are created in that york stock exchange they are for profit companies and the savings that they reap from using inmate labor. go to their bottom line it's money they ot
directly or through subcontractors including microsoft boeing starbucks tory secret and others by federal tax. rate compensated up to forty percent over what do you think. taxpayers to howards the need to. hear everything. work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars a unit cory's a government owned corporation that uses prison labor...
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Dec 1, 2012
12/12
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CSPAN
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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Dec 6, 2012
12/12
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MSNBCW
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an obsess to raise taxes is not going to solve the problem. >> for mr. cantor this is an obsession, but for one conservative commentator who appeared on this broadcast yesterday, it's even worse. >> president obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a dirty little secret, their own fetish that republicans just don't like to hear ventilated in public. according to the congressional budget office in the years since 1979 as federal taxation has become less progressive, the income of the top 1% has grown by over
an obsess to raise taxes is not going to solve the problem. >> for mr. cantor this is an obsession, but for one conservative commentator who appeared on this broadcast yesterday, it's even worse. >> president obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a...
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Nov 29, 2012
11/12
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CSPAN
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host: when you say tax provisions, increased taxes? guest: yes. some of the tax increases on higher income people. there's a new tax on -- new tax limitations on people with high incomes that go into effect in 2013. sort of in anticipation of 2014. to bank some of the money, if you will, that will pay for some of the things like these subsidies people will be getting when they go to these exchanges that start in 2014. host: republicans in congress, are they still pushing for a repeal or altering the a.c.a.? >> repeal, not so much. i think we saw right after the election, saw a number of republicans who were acknowledging, yes, it was, if you will, a referendum on the a.c.a. it is here to stay. it is the law of the land. probably not so many out and out repeal votes. that doesn't mean there still won't be efforts to change it. as i mentioned i think you'll see some of those in these -- fiscal cliff talks that you might see. there's a lot of elements to this law that are controversial. >> today's "washington journal," available any time in our video
host: when you say tax provisions, increased taxes? guest: yes. some of the tax increases on higher income people. there's a new tax on -- new tax limitations on people with high incomes that go into effect in 2013. sort of in anticipation of 2014. to bank some of the money, if you will, that will pay for some of the things like these subsidies people will be getting when they go to these exchanges that start in 2014. host: republicans in congress, are they still pushing for a repeal or...
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Dec 5, 2012
12/12
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KQED
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taxes will go up. democrats proposes a bill that cuts taxes on the middle class. the republicans don't dare vote it down. we'll have gotten the higher taxes on the wealthy through this back door route. tim geithner is right. you cannot have a seer imrus plan unless those tax rates on the wealthy go up. >> ifill: the president is... hassles proposedded something that john boehner calls silliness or secretary geithner actually did which is taking thed why of the debt ceiling off of congress' plate. something which members of congress seem to think at least is a no starter. what is the value in putting that out there? >> well again it needs to be said. this is crazy. the way that the debt ceiling works is that congress can actually vote to not tax enough to pay for the spending it proposes and then it can refuse to allow the government to borrow the money to make up the difference between its own spending bills and its own tax bills. this is crazy. this is a license for continual irresponsibility. and of course we're heading for... the republicans are attempting to d
taxes will go up. democrats proposes a bill that cuts taxes on the middle class. the republicans don't dare vote it down. we'll have gotten the higher taxes on the wealthy through this back door route. tim geithner is right. you cannot have a seer imrus plan unless those tax rates on the wealthy go up. >> ifill: the president is... hassles proposedded something that john boehner calls silliness or secretary geithner actually did which is taking thed why of the debt ceiling off of...
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Dec 6, 2012
12/12
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CNBC
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>> i think it's tax relateded selling. few stocks chair s compare to performance that apple has given you. if you're a long investor, you think, the other guy knows more than me. trust me the other guy does not know more than you. it's just that fundamentals are deteriorating as the stock falls and people feel they are missing something. they're not missing anything. this is a tax related selloff and it's a tremendous buying opportunity at 7.5. >> we're seeing the pressure from the institutional side, probably pressure from the -- individuals might just simply get frightened off and now the result in selloff will lead to the stock being in stronger hands? >> i think that's exactly right. i think a lot of these investors will come back to apple after the tax related selling, whether that's in a week or two or sometime this year. >> we have a half dozen technicians focused on the selloff. historically they're only up 4, so a phenomenal november for the apple monitor, which are suppliers to apple. >> today just in today's ses
>> i think it's tax relateded selling. few stocks chair s compare to performance that apple has given you. if you're a long investor, you think, the other guy knows more than me. trust me the other guy does not know more than you. it's just that fundamentals are deteriorating as the stock falls and people feel they are missing something. they're not missing anything. this is a tax related selloff and it's a tremendous buying opportunity at 7.5. >> we're seeing the pressure from the...
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Dec 5, 2012
12/12
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CNNW
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first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans in the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i sai
first, when i was there, it was the president who had made the no tax pledge. president bush the first, as you'll recall, made a very famous no tax pledge which he eventually backed off of. in this case, it's the congress. the republicans in the congress specifically, who have made the tax pledge, and the president who is trying to get them to break it. secondly, the numbers are very much reflecting the passage of time. we were very concerned because we thought the budget was going to be -- the...
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Nov 29, 2012
11/12
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we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely. in 2002 -- and i was running in a tough primary and those folks back in marietta, georgia, said, phil, are you going to take the grover norquist, americans for tax reform pledge. i said, yes, i will take it. many would have voted for my opponent. that plenl, i honor that. it's a pledge to my constituents. absolutely. >> all right. you say your constituents don't want you to raise taxes on the rich. let me show you what an abc/washington post poll shows. 60% would support raising taxes on incomes over $250,000 per year. you wouldn't do that? >> i understand that their perc
we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely....
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Dec 4, 2012
12/12
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KPIX
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revenues only from tax reform. and not in raising rates on the wealthy. and that's the sticking point. >> rates have to rise and the republicans need to acknowledge that, that that's the only way to get from here to there. >> in a statement, the white house says the plan fails the balance test. if the two side can't reach a deal by 12/31, hikes and cuts will kick in. >>> frustrated with facebook privacy settings? how you can make your voice heard this week. >> have you gotten your flu shot? why this season may be the worst in nearly a decade. >> a royal baby on the way. why the kind of morning sickness kate has is fueling speculation about twins. ,,,,,,,,,,,, secondhand smoke affects everyone's health. it's not just irritating. it can cause heart disease and even death. speak up about secondhand smoke. your health and the health of your family depend on it. damascus today... between sn rebels and forces loyal to president bashar assad. >>> in your world, fighting has escalated near damascus today between syrian reb
revenues only from tax reform. and not in raising rates on the wealthy. and that's the sticking point. >> rates have to rise and the republicans need to acknowledge that, that that's the only way to get from here to there. >> in a statement, the white house says the plan fails the balance test. if the two side can't reach a deal by 12/31, hikes and cuts will kick in. >>> frustrated with facebook privacy settings? how you can make your voice heard this week. >> have...
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Dec 4, 2012
12/12
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CURRENT
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the payroll tax cut will expire. if you're a working person, you're losing $40 to $50 a week immediately in your first paycheck. the unemployment benefits will expire. if you're dependent on that, your income will fall off the cliff. if you're someone who listens on dividends and financial gains, the fact that tax on those will rise will not put a crimp in your lifestyle and you may not be taking any capital gains until june, july, august, september. those who are most vulnerable are those on the lower income ladder and who are benefiting from the benefits that will expire, they will feel like they're going over a cliff. >> eliot: brian, let me turn to you, politically am i not correct? the pieces of the tax impact that dan was just talking about that would have the greatest impact are the pieces that are the least likely to be extended under any deal. the payroll tax there seemed to be a consensus that there would not be an extension of the payroll tax cut because that is so necessary to funding social security. tha
the payroll tax cut will expire. if you're a working person, you're losing $40 to $50 a week immediately in your first paycheck. the unemployment benefits will expire. if you're dependent on that, your income will fall off the cliff. if you're someone who listens on dividends and financial gains, the fact that tax on those will rise will not put a crimp in your lifestyle and you may not be taking any capital gains until june, july, august, september. those who are most vulnerable are those on...
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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Dec 7, 2012
12/12
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l mal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. ve reporter: jamen shively, a former microsoft executive, has xeans for up-market marijuana -mars. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something to be savored, something to be consumed in moderation by responsible adults. >> reporter: new stores would be modeled after those in many states it for alcohol. by next month, a similar law will go into effect in colorado, ohere residents will be allowed to grow their own marijuana. but all those plans could go up in smoke because of federal law. the justice department said it's studying the situation here in washington, but, scott, the feds have already warned residents of this state, under federal law all marijuana use remains illegal. >> pelley: plenty of room for confusion. thanks very much, john. a change may
l mal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. ve reporter: jamen shively, a former microsoft executive, has xeans for up-market marijuana -mars. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something to be...
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Dec 7, 2012
12/12
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KQEH
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pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top officials. >> woodruff: we have a battleground dispatch from a coastal city facing rising sea levels and the next big storm. >> if sandy were to come close or directly into norfolk i think we'd all be in big trouble. >> brown: we assess the latest diplomatic moves to end syria's war, as secretary of state hillary clinton meets with russia's foreign minister. >> woodruff: and ray suarez has the story of a program that aims to put students at low-achieving schools on a path to high school graduation. >> we're here to make things better. we're here to tutor kids. we're here to make sure that they stay on track. we are here
pressed his case at the home of a middle class family in virginia today, part of his pitch to extend tax cuts for all but the very wealthy. good evening, i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the "newshour" tonight, we update the state of the negotiations and examine the push to make changes to social security and medicare >> brown: then, margaret warner looks at the political strife in egypt, after deadly clashes in the streets and resignations by top...
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Dec 3, 2012
12/12
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CNBC
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hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the housing lobby or charitable contribut
hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's...
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Dec 7, 2012
12/12
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KQED
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but he also again insisted there would be no deal unless tax rates went up on the wealthy. >> the closer it gets to the brink, the more stressed we're going to be. >> woodruff: president obama made the short trip to northern virginia today to underline his plan to avert the fiscal cliff. at the home of what the white house called a typical middle class family, mr. obama said he's optimistic that agreement can be reached, but again drew a hard line for republicans in congress. >> everybody's is going to have to share in some sacrifice. but it starts with folks who are in the best position to sacrifice. who are in the best position to step up . just to be clear i'm not going to sign any package that somehow prevents the top rate from going up, the top 2% from going up. >> woodruff: the president phoned house speaker john boehner yesterday, their first direct talk in almost a week. but today white house spokesman jay carney wouldn't share details of the call. >> we believe it's in the interest of achieving an agreement not to do that. >> reporter: treasury secretary timothy geithner said ye
but he also again insisted there would be no deal unless tax rates went up on the wealthy. >> the closer it gets to the brink, the more stressed we're going to be. >> woodruff: president obama made the short trip to northern virginia today to underline his plan to avert the fiscal cliff. at the home of what the white house called a typical middle class family, mr. obama said he's optimistic that agreement can be reached, but again drew a hard line for republicans in congress....
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Nov 30, 2012
11/12
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FOXNEWSW
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bill: so what happens if your taxes or to your taxes if lawmakers don't strike a deal? the tax policy center says that 90% of the americans would see a tax hike next year in 2013. it says 121 million americans will be paying more in payroll taxes, and families making between 40 and $65,000 a year, will pay an extra $2,000 to the government. that starts in 2013. martha: some say that they're concerned that what happens in europe could also happen here down the road. look at europe's economy down the road. 11.7% unemployment. that is another record high in the month of october. breaking that down, it is 18.7 million people out of work across the 17 eu countries that use the euro. spain and greece have the highest jobless rates. 25% is the unemployment rate in spain and greece with youth unemployment levels, look at this, almost 60% in spain and greece. bill: good luck with that, huh? what a future. debate now underway on capitol hill where the house is set to vote on the republican immigration reform bill. if it passes the stem act would get rid of the lottery system and
bill: so what happens if your taxes or to your taxes if lawmakers don't strike a deal? the tax policy center says that 90% of the americans would see a tax hike next year in 2013. it says 121 million americans will be paying more in payroll taxes, and families making between 40 and $65,000 a year, will pay an extra $2,000 to the government. that starts in 2013. martha: some say that they're concerned that what happens in europe could also happen here down the road. look at europe's economy down...
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Dec 7, 2012
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FOXNEWSW
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obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that point the 39.6% does produce the revenue. the differentiation between 39.6% and the 28% at that the president has for limitation on deduction creates a great deal of money as well. >> one conservative financial commentator suggests the likely outcome of the fiscal cliff talks won't be the end of the world. >> we will have taxes that are the same as the taxes were under bill clinton. we did find that we will do fine. >> the question is whether the negotiations will lead to making other tough choices such as washington getting a handle on the growth of government. if not, the european example seems to suggest fiscal t
obama says raiding taxes on upper -- raising taxes on upper income americans is not going to fix the problem that the country is facing. >> even the president got the tax rate hike he wanted understand we would continue to see trillion dollar deficits for as far as the eye can see. listen, washington has got a spending problem, not a re-knew problem. >> for many top democrats it's all about taxes and not spending cuts in averting the fiscal cliff. >> the facts are at that...
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Dec 4, 2012
12/12
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KPIX
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republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cliff negotiations." but, scott, that's exactly what republicans were saying about the president on friday. >> pelley: wyatt, thank you. the president has not decided whether to order an end to a strike that has crippled traffic at the nation's two busiest seaports. the ports of los angeles and long beach shut down after a few dozen clerical workers walked off the job and dock workers refused to cross their picket line. bill whitaker has the latest. >> reporter: 11 huge cargo ships are stuck offshore, piled high with containers of food, toys, lumber. 14 others sit untouched at the docks. >> if you guys could sta
republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cliff...
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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Dec 7, 2012
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businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the president visited a family in virginia to talk about tax hikes on the wealthy there were few talks on if is clal cliff talks. >> i am not going to sign any package that somehow prevents the top rates from going up for folks at the top two percent. >> this isn't about getting a handle on debt for him it's about spending more than he already has. >> as far as the unp employment numbers are concerned today there is little doubt that super storm sandy had an impact on those. the expectation is that it dissipated a great degree. back to you guys. >>> doug luzader in washington, thank you. >> it is ti
businesses and investors are unsure about what their tax burdens will be like this year. the impact that the fiscal cliff could have on the economy will go up across the board. >> as we get closer and closer to the end of the year i think the uneasiness will continue and the worry we might not see a resolution is going to effect our market. >> it has an impact or hiring as well. physical we go over the cliff the long-term benefits will in fact expire at the end of the year. as the...
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Dec 4, 2012
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taxes. state senator proposal asked voters to allow logical communities to raise taxes for schools with 55 percent of the voychlt allowing a third of the state to or local area to veto what two-thirds wants i believe is really democracy and really proven to be as too difficult hurdle. >>reporter: assemblyman and several co-sponsors reintroduced the trust act banning local law enforce frment turning over illegal im grnts to the feds for possible deportation if the crime is relatively minor. >> we must make sure that secure community focus on violence and harden criminals. not on day labor workers. not on domestic workers. >>reporter: republicans will have little say. >> our role will be hopefully partner with the press. shine a light on what is going on in the government. >>reporter: democrat believe california voters gave them a mandate to get things done. >> i think the biggest danger we would move too consciously and not address the problem california has been facing. california voters hav
taxes. state senator proposal asked voters to allow logical communities to raise taxes for schools with 55 percent of the voychlt allowing a third of the state to or local area to veto what two-thirds wants i believe is really democracy and really proven to be as too difficult hurdle. >>reporter: assemblyman and several co-sponsors reintroduced the trust act banning local law enforce frment turning over illegal im grnts to the feds for possible deportation if the crime is relatively...
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Nov 29, 2012
11/12
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, $15 million in state tax, using missouri state tax rate. guess what? governments take nearly a billion dollars, took in nearly a billion dollars last night and the winner split 232 million. so 116 million. >> gretchen: here is the question that nobody can answer for me today. that is the whole purpose of the lottery, the intention of the lottery originally was for states to raise money to help education. >> sure. >> they do. >> gretchen: excuse me. we are terrible at school right now. our students are on a downgrade. we're talking constantly about having no budgets for our schools and we're talking right now on capitol hill about raising taxes because we have no money. >> and by the way, guys, there is a huge, huge controversy brewing over this literally trillion dollar bomb that could explode in student loans defaulting and maybe there is going to be some sort of push to bail that sector out. maybe that's the next obama bailout. >> steve: thank you very much. we'll be watching you and brian. you'll be two of the five on "the five." >> bria
, $15 million in state tax, using missouri state tax rate. guess what? governments take nearly a billion dollars, took in nearly a billion dollars last night and the winner split 232 million. so 116 million. >> gretchen: here is the question that nobody can answer for me today. that is the whole purpose of the lottery, the intention of the lottery originally was for states to raise money to help education. >> sure. >> they do. >> gretchen: excuse me. we are terrible at...
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means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over $200,000, but most are not very wealthy or folks, most are small businesses filing subchapter "s" companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> something is going to have to give. from everybody i've talked to and from what we've heard, there two options for the country. one, go over the cliff. the other, extend the bush tax cuts for the 98% of americans. everyone who makes under $200,000 a year if they're single, $250,000 if they're a family. those seem to be the two choices. between those, which do you pick? >> but, if we do that and raise the taxes on those small businesses we were just talking about, according to the congressional budget office, that's going to mean 200,000 american families will be out of work next year. and that's the low estimate. ernst & young
means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over $200,000, but most are not very wealthy or folks, most are small businesses filing subchapter "s" companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> something is...
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Dec 4, 2012
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in the uk, starbucks says it will start paying corporation tax. the company has nearly 1/3 of the uk coffee shop market, but has only paid the tax once in the past 15 years. starbucks has been stung by public criticism of its actions. you're watching "bbc world news america." still to come on tonight's program, nearly 25 years after a deadly gas attack, one kurdish town is still trying to identify the scores of people who died. to japan now, where the authorities are trying to figure out how tunnel collapsed on sunday, killing at least nine people. huge concrete slabs in the tunnel smashed on to cars. that started a fire on the main route from tokyo to central japan. we report now on that story. >> only this morning, the mangled wreckage of three vehicles was brought -- early this morning, the mangled wreckage of three vehicles was brought from the tunnel. last came a small delivery truck. the driver had been trapped, but alive. by the time rescuers got to him, he was dead. the collapsed tunnel lies deep in the mountains of central japan, just to
in the uk, starbucks says it will start paying corporation tax. the company has nearly 1/3 of the uk coffee shop market, but has only paid the tax once in the past 15 years. starbucks has been stung by public criticism of its actions. you're watching "bbc world news america." still to come on tonight's program, nearly 25 years after a deadly gas attack, one kurdish town is still trying to identify the scores of people who died. to japan now, where the authorities are trying to figure...
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Nov 30, 2012
11/12
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number one, tax revenues have remained about the same regardless of tax rates. the government sort of takes in about the same regardless. and while federal income tax rates have gone down for lower and middle income families since 1980, state and property taxes have gone up by about the same amount. so federal has gone down. so here is my bumper sticker for you guys. maybe i'll print it up this weekend. >> sure. >> blame your mayor and governor. don't blame your president. >> okay 0. see, on that note then, joe, i just -- i know that it's not -- when he says i won and you don't like it, he's just putting out something there that just seems like a little tone deaf to what republicans want to hear. there are some, the consumer confidence, housing, the news on the economy, there are some signs that perhaps this administration might know what they're doing. is that fair to say? >> hold on. >> so you can't say it. >> i can't even say it. >> why don't you pull a mitch mcconnell on me? brian sullivan, thank you. all right, coming up -- >> that's how mitch mcconnell lau
number one, tax revenues have remained about the same regardless of tax rates. the government sort of takes in about the same regardless. and while federal income tax rates have gone down for lower and middle income families since 1980, state and property taxes have gone up by about the same amount. so federal has gone down. so here is my bumper sticker for you guys. maybe i'll print it up this weekend. >> sure. >> blame your mayor and governor. don't blame your president. >>...
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Dec 6, 2012
12/12
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republicans are now agreeing to incrows tax revenue even though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on the top two percent, the wealthiest americans have to rise. there is no deal without that acknowledgment. >> the treasury secretary gite neither says the -- tab eitner says they are ready to go over the cliff. if republicans won't let the tax cuts expire, they say it is not a threat. shepherd? >> it is easy to say why they would be making those statements when there was a recent survey that showed 53% of people said if we do go over the cliff they blame the republican congress. less than 30% would blame the president. so it would appear at least from that survey that he has the people on his side. the civ
republicans are now agreeing to incrows tax revenue even though they still don't want to raise tax rates. the folks here shrug off the fact there hasn't been a meeting of the president in a couple of weeks. and they suggest there won't need to be a meeting until republicans are ready to give in. >> it is our view that simply having conversations c congressional leaders will not produce a deal. what will produce a deal is an acknowledgment by republicans, republican leaders that rates on...
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here iwhat i want in tax increases. by the way i will increase in ending on infrastructure just to show starting from a point where he believes he has real strength and will stick it to the other side. what do you think of the counterproposal from republicans. is it strong or looking weaker? >> with any negotiation with the president's side t especially a few weeks ago, maybe you come out and shoot for the top, knowing you may not meet in the middle. i don't know if they will meet and splithe baby. melissa: right. >> do i think you always know at eventually you will have to rear back a little bit towards the middle. melissa: yeah. >> as far as the republicans counter, i think they're trying to at least in certain, especially with government. there is always posturing, right? melissa: right. >> partly it is posturing hey, we're willing to talk. here's what we're thinking to at least try to jump-start this as the clock continues to kick. melissa: when you look at the nuances what is going on in the media, yesterday everyb
here iwhat i want in tax increases. by the way i will increase in ending on infrastructure just to show starting from a point where he believes he has real strength and will stick it to the other side. what do you think of the counterproposal from republicans. is it strong or looking weaker? >> with any negotiation with the president's side t especially a few weeks ago, maybe you come out and shoot for the top, knowing you may not meet in the middle. i don't know if they will meet and...
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Dec 6, 2012
12/12
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taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's compared to 32% who say tax cuts should continue for everyone. >> well, hillary clinton says she insists that she wants to get out of politics. but a new poll shows that the majority of americans are hoping she has a change of heart. the latest abc news/"washington post" poll shows 50% of americans would vote for hillary clinton in 2016. 37% would oppose such a campaign. hillary clinton also has a strong bid of support in her home state of new york where 54% of voters say she would make a great runner. but new yorkers are not so enthusiastic about the current governor jumping into the race. 39% suppo
taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's...
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Dec 6, 2012
12/12
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you want to talk about paying taxes and your fair share? they're a tax-exempt 501c5 organization. where is ed asner's rage about their escaping and evading their fair share of taxes? i don't hear it. also, let's have a balance. if they're going to show this in the california classrooms, how about an eight-minute video narrated by clint eastwood or my favorite right thinking actor adam baldwin that exposes the truth about occupy and the teachers alliance? they have to make up this urinating image? well, you've got occupiers who have been pooping on police cars. show that to the school kids. >> sean: well said. michelle malkin. great points. thank you for being with us. >> you bet, take care. >>> >> sean: coming up next, liz cheney on the breaking news out of syria. the government stands ready to use sarin nerve gas on its own people. a senior firm confirmed this to fox news. >>> women in egypt are fearing for their lives as sex mobs are preying on the public. the situation is getting dispratt. where is the outrage and the support from the feminists who screamed about the so-called
you want to talk about paying taxes and your fair share? they're a tax-exempt 501c5 organization. where is ed asner's rage about their escaping and evading their fair share of taxes? i don't hear it. also, let's have a balance. if they're going to show this in the california classrooms, how about an eight-minute video narrated by clint eastwood or my favorite right thinking actor adam baldwin that exposes the truth about occupy and the teachers alliance? they have to make up this urinating...
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Dec 1, 2012
12/12
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CURRENT
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a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be part of it. you would see ceos on television getting involved in this kind of stuff if there wasn't something at stake for them when it came to paying taxes and their bottom line. >> eliot: and another indicator of how far apart the parties are when you hear the debt ceiling where last year things got really angry politically as well as in the private negotiation. you have john boehner saying you are going to have to pay me a price to raise the debt ceiling. as a matter of policy they're saying you pass the tax bill. will there be a
a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be part of it. you...
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Dec 4, 2012
12/12
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political fear at its best, by being a washington dc insider i belve we can still get a deal, we have two proposal on the table. >> to get to your point, lou, from a conservative perspective, over in 6 was a national suicide. -- november 6 was a national suicide. a very thin find red line, that red line of republican party. if this party also commits suicide, this will be catastrophic. neil: we'll explore further why it is that republicans are having trouble with two areas, one winning elects and the other governing, we'll be back with tha-team, and we'll find out who is in charge o this assault on christmas among other
reform said we can -- we don't have to raise tax rates, we can lower tax rates by capping deducts. he said that. lou: where is coordinated action and rhetoric from the party? i'm talking about from mayors to governors. >> we have been great with policy, but we've been clumsy courtroom communicators. >> boehner will let this backfire, we are higher taxing, no growth, no jobs, fake interest rates, in two years the republican party comes back stronger. >> we're sing is political...
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Dec 3, 2012
12/12
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CURRENT
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tax cuts, big tax cuts for rich people started under george w. bush and then we had the biggest economic collapse since the great depression. what does that tell you? >> stephanie: why can't they ever acknowledge that? they ran away from bush. no one campaigned on george bush. they must know his policies didn't work. why are they pretending they did? >> he wasn't even at the convention. >> memory hole. >> stephanie: gee, who was really front and center of our campaign? bill clinton! kind of weird. >> good president. >> stephanie: mary in pennsylvania. hi mary. >> caller: hi, there. i love your show. didn't start watching it until late in the campaign. and i feel like i found a wonderful friend. >> stephanie: aww. >> caller: my question is grover cleveland -- >> stephanie: his ideas are just as fresh. [ laughter ] >> caller: exactly. if he think the average career only lasts 25 years has he signed up all of those people to the pledge 20 years ago shouldn't we be getting ready to throw him a retirement party pretty soon? >> stephanie: yeah, one wou
tax cuts, big tax cuts for rich people started under george w. bush and then we had the biggest economic collapse since the great depression. what does that tell you? >> stephanie: why can't they ever acknowledge that? they ran away from bush. no one campaigned on george bush. they must know his policies didn't work. why are they pretending they did? >> he wasn't even at the convention. >> memory hole. >> stephanie: gee, who was really front and center of our campaign?...
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Nov 29, 2012
11/12
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capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren buffett makes, the type of money that mitt romney makes, the type of money that bill gates makes. those people aren't paying 14% taxes when the rest of americans are carrying the full load. >> i think to your point about the party on this issue, absolutely. i think the party has a window now to come to the table in an honest way to be, again, the party of the middle class. more importantly, joe, to be the party of the poor, to make the argument of elevating people out of poverty into ownership through our tax syst
capital gains tax. and you even have me going, okay, so what is wrong with the party that believes in free enterprise, that believes in fair play, that believes in working-class americans being able to work hard and start their own businesses? and create their own new jobs and hire their own people? what's wrong with raising the capital gains tax from 15% to 20%? what's wrong with warren buffett's idea of having a minimum tax for the super rich of 30%? so people making the type of money warren...
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go up, let these taxes happen if republicans press the idea of no tax increases for the wealthy. the latest we've learned, president obama and house speaker john boehner have spoken by phone. no word on what they discussed or whether there are any meetings planned, but just the fact that they're talking seems to be progress these days here on capitol hill. >> we'll take that. tracie potts for us in washington. tracie, thanks. >>> egypt state television is reporting at least five people were killed in overnight flashes between supporters and opponents of egyptian president mohammed morsi. the street battles were the most violent since egypt's latest crisis erupted two weeks ago where morsi assumed near absolute power. the opposition is vowing more protests later today. >>> this morning, two australian radio hosts are apologizing for a prank call that's getting worldwide attention. it was made to the hospital where kate is being treated for acute morning sick sentencesness. anna bell roberts is with us. >> reporter: good morning, lynn. that's right. the latest on kate's condition i
go up, let these taxes happen if republicans press the idea of no tax increases for the wealthy. the latest we've learned, president obama and house speaker john boehner have spoken by phone. no word on what they discussed or whether there are any meetings planned, but just the fact that they're talking seems to be progress these days here on capitol hill. >> we'll take that. tracie potts for us in washington. tracie, thanks. >>> egypt state television is reporting at least five...
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the number one thing to understand already even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to the cleaners just what happened in 1990 when read my lips. melissa: would you rather we went over the fiscal cliff? >> compared to what obama's talking about, the fiscal cliff might be better because obama not only wants soak the rich tax increases that would automatically happen, he then wants additional taxes on top of that would be very bad for american competitiveness. we don't want to send jobs to china and india but almost as if obama wants to do that. at least if we went over the cliff, we would get the sequester, which is the budget wonk term for automatic reductions in the growth of spending. melissa: absolutely but i'm not sure republicans are giving in as much as you think. if you drill dow
the number one thing to understand already even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to the cleaners just what happened in 1990 when read my lips. melissa: would you rather we went over the fiscal...
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Dec 7, 2012
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what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of
what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be...
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lou: $600 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolutely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodity prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know -- >> they are in a mood, and that worries me. somebody has to be wrong, and big time. >> yawning until they don't. that's the concern. lou: i know this would be stunning and alarming to economists who would never contemplate themselves being wrong on this, but is this some possibility that everyone is wrong about this? that these are actually men and women of good will in both parties who are beginning to come together in one great warm embrace sometime before christmas day and give the nation such a great boost of spirit of good will and reach agreement here? >> i don't kno
lou: $600 billion in taxes? >> spending reductions and tax increases. the economy can't handle that. without a doubt, head into recession if we're over the cliff. lou: now, are you in agreement? >> i am, carl's absolutely right, nevertheless, the markets have effectively been yawning. equity markets, go higher, corporate credit market improves, commodity prices rising, and the ten-year treasury yield is dipping to new lows. i can't figure this out. everybody seems to -- lou: i know...
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Nov 30, 2012
11/12
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the high-stakes meetings over the tax deal brew apart. tim geithner took the president's latest offer to the republicans. you see him there with mitch mcconnell, the republican senate leader, who he said he laughed out loud when he saw geithner's proposal. we'll have all the details ahead. >> wow. >>> and a shocking medical headline this morning. glass particles in a generic drug for lipitor. a drug millions take to control their cholesterol. very scary findings. >> absolutely. >>> look at this, everybody. the secret santa. we don't know his name, trekking around some of the areas hardest hit by hurricane sandy, handing out $100 bills to those in need. >> happy holidays. >> yes. >> absolutely. >>> let's begin with america's latest powerball millionaires. one in arizona. one in missouri. and alex perez is in the small town of dearborn, missouri, where one lucky man is about to go public with his good fortune. good morning, alex. >> reporter: well, george, good morning. within hours, the big mystery in this teeny, tiny town could be over. o
the high-stakes meetings over the tax deal brew apart. tim geithner took the president's latest offer to the republicans. you see him there with mitch mcconnell, the republican senate leader, who he said he laughed out loud when he saw geithner's proposal. we'll have all the details ahead. >> wow. >>> and a shocking medical headline this morning. glass particles in a generic drug for lipitor. a drug millions take to control their cholesterol. very scary findings. >>...
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Dec 6, 2012
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he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not that tough. but we need that conceptual break through that says we need to do a balanced plan. >> we made a good faith offer to avert the fiscal crisis and that offer included significant spending cuts reforms and it included additional revenue. and frankly, it was a balanced approach mr. president has been asking for. now we need a response from the white house. >> they have 27 days to prevent automatic tax hikes and spending cuts from kicking in on new year's day. ed henry live at the white house for us. ed, we are hearing the president and house speaker john boehner actually talked by phone not too long ago. >> that's right, harris. we confirmed that there was a phone call between the two leaders this afternoon. no m
he says republicans have to accept the, quote: reality as he puts it that tax rates are going up for the richest americans. something g.o.p. leaders are calling a deal breaker. >> we're not insisting on rates just out of spite or out of any kind of partisan bickering. but rather because we need to raise a certain amount of revenue. we can probably solve this. it's not that tough. but we need that conceptual break through that says we need to do a balanced plan. >> we made a good...
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reform, spending cuts and new taxes? >> brianna keilar, thank you very much. >>> the grieving kansas city chiefs come together and pull out a win over the carolina panther, a day after police say their teammate, jovan belcher, shot and killed his 22-year-old girlfriend, kasandra perkins. a few minutes afterwards he turned the gun on himself outside the chiefs practice facility in front of his coaches and general manager. he and perkins leave behind a 3-month-old daughter. >>> major changes are come together manual psychiatrists use. over the weekend the american psychiatrist association voted to amend the diagnostic and statistical manual. for example, a child wit with asberger's syndrome. >> nasa officials will discover the curiosity's full away of analytical instruments during a news conference today in san francisco. the mars rover is searching for organic compounds, which are the building blocks of life. last week it was suggested that curiosity may have found simple organic molecules. >>> president obama recognized
reform, spending cuts and new taxes? >> brianna keilar, thank you very much. >>> the grieving kansas city chiefs come together and pull out a win over the carolina panther, a day after police say their teammate, jovan belcher, shot and killed his 22-year-old girlfriend, kasandra perkins. a few minutes afterwards he turned the gun on himself outside the chiefs practice facility in front of his coaches and general manager. he and perkins leave behind a 3-month-old daughter....
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prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice telling your family "no" and you come forward and you celebrate. in arizona there is no power wall in california, utah, and nevada so the winner in arizona may not be from arizona because people were flooding over to see if they could play with that jackpot. arizona gets $25,000, the store that sold the ticket and in missouri they get $50,000, and that is strictly because of state regulation. nothing else. >>shepard: this lottery created a bunch of millionaires. >>trace: on top of the two huge tickets, there were eight o
prior to taxes. which is greater than the estimated net worth of kanye, and eli manning, and johansson combineed. trace has the news live in washington. account winners remain anonymous can you? >>trace: they can remain anonymous in five states. but in missouri and arizona, they are not among the states so barring a back door legal maneuver we will find out the winners' name and the winners' hometown. the lottery recommends you take a little time, you think about some plans, practice...
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you've got the payroll tax you've got to bring back from 4.2 to 6.2. where the hell was the aarp when they cut the payroll tax? madness is half a word. these guys if you gave them 90% of them a profit loss statement in one hand and a balance statement in the other, they wouldn't know how to read it. same here. >> if anyone were to doubt your commitment to this issue, i have to show a clip we saw on the internet recently. this is -- >> i don't want to see it. >> yeah, this is you doing gangnam style. >> stop instagramming your breakfast and tweeting your problems and getting on youtube so you can see gangnam style. ♪ >> well -- >> care to explain? you're trying to reach young people, i guess this is as good way as any. >> i thought the guy said pretend you're riding a horse and -- let me tell you. you have to reach young people and you have to reach the people with the www.fixthedebt.org. the can kicks back. these are young people. let me tell you, the young people aren't organized. the senior citizens are so well organized, they've got the aarp, the
you've got the payroll tax you've got to bring back from 4.2 to 6.2. where the hell was the aarp when they cut the payroll tax? madness is half a word. these guys if you gave them 90% of them a profit loss statement in one hand and a balance statement in the other, they wouldn't know how to read it. same here. >> if anyone were to doubt your commitment to this issue, i have to show a clip we saw on the internet recently. this is -- >> i don't want to see it. >> yeah, this is...
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republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
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Dec 1, 2012
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his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in return for all of that, the president offered $400 billion in cuts to medicare and other entitlement programs. today john boehner basically said, go fish. >> was not a serious proposal. and so, right now, we're almost nowhere. >> just when we needed someone to not say hey, mom, he was nasty so i can be, too. boehner, like geithner, leapt to the extreme. republicans, the best response to a nonstarter could be to put a real thoughtful compromise deal on the table. an alternative. and as for mr. geithner, he wasn't alone
his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't...
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he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary of hillary clinton flew to dublin to hold a meeting with her russian counter part and u.n. enjoy to syria meeting to discuss how they would end the now 21-month long conflict in syria and how to move assad from power. and there's no sign they had to reverse the support, and today, a senior lawmaker says the syria government is now incapable of functioning properly. just before the meeting with the russian foreign minister, secretary clinton insisted that the united states and russia share common goals in the region. >> trying
he will not pay the tax rates. fairness is among the other americans, not him. that's my two cents more. thars all for to be the. thank you for joining us, dvr the show if you can't catch us live. have a great night. we'll see you right back here tomorrow. ♪ lou: the obama administration tonight ramping up diplomatic efforts to end seer -- syria's bloody civil war and the fear assad could use chemical weapons against his own people. the military is prepared to use poisen gas bombs, secretary...
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there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could start soon, but now we learn that a lot of members of congress are heading out on a long weekend, not to return till tuesday, this as the impasse here on capitol hill continues and the nation waits. social security workers marched outside their office in baltimore wednesday. they're protesting the government spending cuts due to kick in at the end of the year as part of the fiscal clear. >> we don't want to see our public hurt in any way. >> just down the road in washington, d.c., the standoff continues. house speaker john boehner says he's still waiting for president
there's no prospect of an agreement that doesn't involve the tax -- remember, it's 207b8%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility...
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i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax authority. individuals have their own moral compass that guides what they choose to do. >> starbucks does appear to feel the heat of public pressure. saying we need to do more. we are looking at the tax approach in the u.k. the u.k. said it will tighten its tax regime but it has not said how. other european countrys have similar concerns. with some calling for more uniform taxation across the e.u., so some countries don't become tax havens at the expense of others. bret? >> bret: amy kellogg in london. thank you. the supreme court here in the
i pay my tax, why not starbucks? >> sometimes they position themselveses in other country to avoid paying high taxes here and britain. amazon did $320 million in turnover in the u.k. it paid less than $3 million in british tax. all of this within the law but parliamentary law accused them of immorally minimizing the tax obligation. some say don't blame the big guys. >> i don't moral is the way we ought to levy our taxes. it should be set out in law and fairly enforced by the tax...
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no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care. there's more we need to do. >> we need to engage and the white house is acknowledging this. do you not go along with the president? >> yes, sometimes i disagree with the president. >> yes, that is true. >> but if we are talking about making medicare more efficient, lowering the cost of prescription drugs to medicare, that's a reform along with their other reforms. >> how about this reform, raising the eligibility for medicare from 65 to 67 over several years? >> no. >> why not? >> why not? because there are working people out there w
no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care....
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it's not increasing taxes on the wealthy, it's just blanketly you increase taxes. so you've got all this noise going on. and boehner's got to try to figure out a way to give these guys some cover but know he's got to cut the deal. to your point, leigh, about how do you begin to pull it from the big plan to a smaller plan, that's really what the white house and boehner quietly are talking about. >> and what we don't want also is i think a kind of down payment deal that sort of makes it a two-part deal that just delays everything. >> i think you're going to get some of that. i think you'll probably get the big deal for the middle class. okay, we're going to take that off the table. and graham and others have said that. we know we're not going to raise taxes on the middle class. let's let the bush tax cuts stay in place for the middle class. and then it becomes a little bit more of an interesting conversation when you're only dealing with a smaller percentage of the plan as opposed to the big piece right now. >> so how does he -- how does john boehner save face? you t
it's not increasing taxes on the wealthy, it's just blanketly you increase taxes. so you've got all this noise going on. and boehner's got to try to figure out a way to give these guys some cover but know he's got to cut the deal. to your point, leigh, about how do you begin to pull it from the big plan to a smaller plan, that's really what the white house and boehner quietly are talking about. >> and what we don't want also is i think a kind of down payment deal that sort of makes it a...
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known raising the gas tax could be seen as a big blow to those big oil companies but if i had to bet companies like exxon mobil which by the way made forty one billion dollars in profit last year probably are going to let those profits go down it would more likely mean customers paying more at the pump. third half of the program cuts in the original simpson bowles plan have already been achieved so taking a look at the map you see of the two point nine trillion dollars of program cuts about one point five trillion have already been announced it looks like congress at least was listening to that part of the plan. all right for social security may no longer be the third rail in american. the text since in bold makes three main changes to social security it increases the taxable maximum on income to ninety percent of all income which would raise two hundred thirty eight billion dollars over the next decade it also uses a different measure of inflation to slow cost of living adjustments and it also raises the retirement age once again now for decades after social security was first imple
known raising the gas tax could be seen as a big blow to those big oil companies but if i had to bet companies like exxon mobil which by the way made forty one billion dollars in profit last year probably are going to let those profits go down it would more likely mean customers paying more at the pump. third half of the program cuts in the original simpson bowles plan have already been achieved so taking a look at the map you see of the two point nine trillion dollars of program cuts about one...
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>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >>reporter: the taxes will go up for those making moreover than $250,000 even if congress does nothing and also forren else but the polls suggest that the american will blame republicans. >>trace: thousands of workers are being laid off at a citigroup, slashing 11,000 jobs adding up to about 4 percent of the entire workforce. it is another cost-cutting move as banks continue to struggle after the rec
>>trace: when republicans say the higher tax rates will hurt small business? >>reporter: and that, cost jobs. the white house says only the top 2 percent or 3 percent of small businesses are affected republicans say those are the ones that create the vast majority of the jobs. speaker boehner suggests that capping deductions would actually protect the middle class. >> we have to cut spending and put revenues on the table. now, the revenues will come from, guess who? the rip....
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and you add that to the payroll tax increase and you have got a big tax increase coming count pike in a weak economy. martha: it will hurt across the board from the top to the bottom. everybody's financial picture will look different in the new year. bill: prince william's pregnant wife has been released from the hospital. a smiling duchess of cambridge heading home. she had been in the hospital for severe morning sickness. they moved to kensington palace where she has been ordered to take it easy. she looks great. martha: poor thing. you are leaving the hospital. you have got to do your hair and smile for the cameras when you feel lousy. bill: what a media frenzy this has been already. it's just the beginning. england has that to watch all over the kingdom. martha: we are just getting started. lots going on. a new green energy project funded by you the taxpayer. did you know you are one of the prime investors in a new electric car battery? bill: there are new concerns about a north korean rocket launch any day. a top u.s. commander labeling it very dangerous. what is the u.s. doing i
and you add that to the payroll tax increase and you have got a big tax increase coming count pike in a weak economy. martha: it will hurt across the board from the top to the bottom. everybody's financial picture will look different in the new year. bill: prince william's pregnant wife has been released from the hospital. a smiling duchess of cambridge heading home. she had been in the hospital for severe morning sickness. they moved to kensington palace where she has been ordered to take it...
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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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he maintained his hard line on tax increase. >> just to be clear i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done. >> congress and the president have until the end the year to avert automatic spending cuts and tax increase. take a quick break. when we come back on the morning news a preview of this morning's jobs report. what role did sandy play in hiring? ♪ [ male announcer ] with free package pickup from the u.s. postal service. visit usps.com. pay, print, and have it picked up for free before december 20h for delivery in time for the holidays. you can even give us special instructions on where to find it. free package pickup. from the u.s. postal service. because it's nice to have an extra pair of hands around for the holidays. because it's nice to have an extra pair of hands around ♪ ♪ there's no such thing whenas too soft. toilet paper, i know what i like. i like feeling both clean and pampered. why should i compromise? quilted northern ultra plush® with the
he maintained his hard line on tax increase. >> just to be clear i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get something done. >> congress and the president have until the end the year to avert automatic spending cuts and tax increase. take a quick break. when we come back on the morning news a preview of this morning's jobs report. what role did sandy play in hiring? ♪ [ male...
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and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal seriously enough to offer a counterpropsal so the white house believes the ball is still in the republicans' court. >>shepard: but speaker boehner has moved, if shiply and if for the first time in public but he has moved. >>reporter: he has. he is not willing yet, not yet, anyway, willing to raise tax rates. in speaker boehner's proposal he put revenue, tax revenue of $800 billion on the table. you her the white house said this was not enough detail but they say in the republican side it would be from limiting deductions and republican leader said this. >> republicans have move add great deal. who was the fi
and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increase revenues it is magic beans and fairy dust. >>reporter: it doesn't sound like they are ready for a compromise. he said they do not take speaker boehner's proposal...
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$3500 more on their taxes. republican senator lindsey graham says it's a possibility. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> blaming democrats for not doing enough to meet republicans halfway. >> the president plans when it comes to entitlement reform, this quite frankly a joke. >> reporter: with little more than fingerpointing getting done in dc wall street is getting wary. stocks inched higher last week but many businesses are holding off investment decisions hoping congress manages to strike a deal and pull back from the brink, jeff. >> jeff: anna werner, thank you. >> with superstorm sandy not quite five weeks behind them, the governors of new jersey and new york are asking for nearly $80 billion in federal aid. many distressed homeowners thought they were already covered by federal flood insurance. but now as michelle miller stills us, they're being told think again. >> reporter: roman and mar yain-- marianna bediner staten island home was fl
$3500 more on their taxes. republican senator lindsey graham says it's a possibility. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> blaming democrats for not doing enough to meet republicans halfway. >> the president plans when it comes to entitlement reform, this quite frankly a joke. >> reporter: with little more than fingerpointing getting done in dc wall street is getting wary. stocks inched higher last week...
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they paid only one point two million pounds worth of tax in two thousand and ten when in fact despite when in fact they made profits of around one hundred eighty one million which equates to a tax bill of around fifty one million pounds according to estimation. laura smith in london thank you very much for that update we'll see what the final sentence will be then. so i had this ally india is already to flex its muscles in the south china sea as a country for this team staking a claim for a huge oil and gas bill they're going to come from i think eighteen. plus the us senator received some tit for tat medicine from moscow in response to fit into slap a travel ban and russian thank you for breaching human rights that's another international story to show. a forty nine year old southern california man was thrown in prison and charged with possessing materials to make explosive device all because of his rather unusual wristwatch despite the bomb squad saying that his watch was not a weapon here rated custody for twenty four hours and was charged with the crime anyways a spokesman for the
they paid only one point two million pounds worth of tax in two thousand and ten when in fact despite when in fact they made profits of around one hundred eighty one million which equates to a tax bill of around fifty one million pounds according to estimation. laura smith in london thank you very much for that update we'll see what the final sentence will be then. so i had this ally india is already to flex its muscles in the south china sea as a country for this team staking a claim for a...
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without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishi
without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is...
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no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow more and he can't spend more than what the treasury collects. it's forced to reduce spen spending. that is the only way to get the house in order. >> over the cliff. >> over the cliff. >> juan? >> i hope not. i don't think it's good for most of america. it could be damage for economy struggling to recover. takes us further down the road for what i think is the news of the day. argument over the debt ceiling today. that is one point of the republican lench in the dole. some machiavellian misstep made. he wanted the democrats to
no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow...
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that is a big tax increase. >> reporter: and deep across the board spending cuts in defense and other areas of the federal government. >> the plans that the white house has talked about thus far, they couldn't pass either house of the congress. >> reporter: president obama says he will not sign a bill without a tax increase on incomes over $250,000. he met with a room full of ceos in washington today. >> i know that many of you have come down here to try to see, there a way we with break through the logjam and go ahead and get things done. and i'm here to tell you that nobody wants to get this done more than me. >> reporter: and yet house speaker john boehner says the president hat not responded to republicans' latest proposal. >> that offer included significant spending cuts and reforms and it included additional revenue. and frankly, it was the balanced approach that the president has been asking for. >> reporter: perhaps the boehner-obama phone call has moved things along. >> there is lots of activity looking at options. what we don't have is a meeting of the mind. this will requir
that is a big tax increase. >> reporter: and deep across the board spending cuts in defense and other areas of the federal government. >> the plans that the white house has talked about thus far, they couldn't pass either house of the congress. >> reporter: president obama says he will not sign a bill without a tax increase on incomes over $250,000. he met with a room full of ceos in washington today. >> i know that many of you have come down here to try to see, there a...
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you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think you'll see a different product come out. but i think the key is you're going to see a balanced approach with both revenue and spending cuts. you're going to see at least $4 trillion because that is the minimum amount you have to reduce the deficit in order to stabilize the debt and get it on a downward path as a percent of g.d.p. >> ifill: you said a moment ago that this is theater. these are both like opening bids that either side is going to reject. how do we get past that? how do they get past that if, in fact, the catastrophe everyone is warning about is to be avoided. >> if they got to agreement the
you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think...
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one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the im
one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other...